The world of banking is undergoing some significant changes. BankID is a pilot program in Norway that uses biometric logins for one-click access to financial services. So far, this solution has been embraced by the majority of adults in Norway.

Biometric authentication may not necessarily have a place in the financial world, but it can be quite beneficial. BankID in Norway is a prime example of how this technology could work in the financial sector. One-click access sounds appealing to consumers, particularly when taking into account how biometrics cannot be tampered with.

BankID Is A Great Success

In fact, over 80% of all adults in Norway use BankID to verify their identity. The solution has been integrated into various aspects of everyday life. Banks, mobile operators, and government departments all have enabled this technology throughout the past few months.

This solution combines hardware-based authentication with a one-time-password generation. Authentication can take place within mobile applications thanks to a partnership with Encap Security. This latter company has developed a Smart Authentication platform, removing the need for key fobs.

BankID Norway Head of Development Frode Beckmann Nilsen stated:

“We want to make sure we remain ahead of the curve by creating a new experience – dropping the need to carry around key fobs or copy and paste from another app – while also ensuring the highest security standards. Each bank will provide an app and introduce it to the customers at their own pace. Our purpose with this Encap-app has been to provide a useful showroom for our next future proof BankID-experience.”

More interestingly, other mobile authentication solutions are supported by BankID as well. Both Android’s fingerprint API and Apple’s Touch ID are now supported. Encap Security recently upgrades their platform to add these two biometric protocols. Moreover, this decision makes the solution more accessible and appealing to adults in Norway.

It is not unlikely similar solutions will be coming to the rest of the world in the coming years. Albeit there are still some doubts regarding the viability of biometric authentication, BankID shows it can be done. Convenience and security come together in this solution, and consumers seem to be embracing this concept.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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